FHA

FHA mortgages are loans that are insured by the Federal Housing Administration.

• Popular among first-time homebuyers, designed for low-to-moderate income consumers.

• Typically have a more relaxed credit requirement than conforming loans.

• Down payment requirement is as little as 3.5%.

• Loan limit varies by county:

  • Use to look county limit: https://entp.hud.gov/idapp/html/hicostlook.cfm

  • 2024 Generally speaking:

    • One-Family Home $649,750

    • Two-Family Home $831,800

    • Three-Family Home $1,005,450

    • Four-Family Home $1,249,550

• Credit:

  • 580+ with 3.5% down payment.

  • 500-579 requires 10% down payment and automated underwriting approval.

    • Manual underwriting is not allowed.

    • Maximum 45% DTI.

    • 2-months reserves.

    • If all buyers are 1st time buyers one must take homeownership education course.

  • 620 minimum required for Manufactured Homes.

• The perfect match for DPA, (Down Payment Assistance)

  • Ga Dream, see guidelines and benefits

  • We have four in-house programs, Ga. Dream, and Chenoa.

  • Cash-Out loans up to 85% of the home’s value.